Chesapeake Energy rallies more than 5%

Energy sector manages Tuesday gains as Big Oil stocks rise

SAN FRANCISCO (MarketWatch) — Energy stocks gained Tuesday, turning higher as the session progressed and as the broader U.S. equity markets also switched gears, with the S&P 500 on its longest winning streak in nearly six weeks.

The U.S. East Coast “is seeing some of the coldest weather in two years. The cold weather is expected to last, according to most of the extended forecasts,” analysts at the Kilduff Report said in a note Tuesday

Chevron on Tuesday said it had signed agreements to explore for oil and gas in three offshore deepwater areas in Morocco, west and northwest of the city of Agadir. The areas encompass about 11,300 square miles with average water depths ranging from 330 feet to 14,700 feet, the company said.

What can investors expect

(4:50)

Ariel Capital CEO John W. Rogers Jr. joins the Markets Hub to discuss whether the financial issues facing Washington, and by extension, the small investor.

Shares of Denbury Resources Inc.
DNR, -2.03%
rose 1.9%. Denbury said Tuesday it plans to offer $1 billion in senior notes due 2023, looking to use the proceeds to buy back notes due in 2016. Remaining proceeds will be used to repay debt and for general corporate needs, the company added.

Earlier this month, ConocoPhillips agreed to sell acreage in Montana and North Dakota to Denbury for $1.05 billion, as ConocoPhillips aimed to focus on Bakken shale formation properties.

Refiner Phillips 66
PSX, -0.45%
held to its earlier losses, with shares down 0.8% at close.

Schlumberger said Friday fourth-quarter earnings fell 3.7% due to lower revenue from its international operations and a slowdown in North American onshore activity. A strong offshore performance helped offset some of the losses.

Schlumberger reported a fourth-quarter profit of $1.36 billion, or $1.02 a share, down from $1.41 billion, or $1.05 a share, in the same period a year earlier. Excluding items such as merger and integration costs, the company beat analysts’ expectations with per-share earnings from continuing operations of $1.08, down from $1.10.

The SPDR Energy Select
XLE, -0.40%
exchange-traded fund, which focuses on energy names, rose 1%. Crude-oil futures rose, with the February contract
US:CLG3
up 0.7% to $96.68 a barrel on the New York Mercantile Exchange.

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